CINTAS CORP
For the period ended May 31, 2025. Filed Jul 28, 2025.
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FY2025 · Filed Jul 28, 2025
CTAS$225.28+0.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| ConsolidatedStatements of Cash Flows | Fiscal Years Ended May 31, | ||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income | $1,812,281 | $1,571,592 | $1,348,010 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 303,377 | 280,866 | 267,223 |
| Amortization of intangible assets and capitalized contract costs | 190,806 | 176,004 | 152,121 |
| Stock-based compensation | 128,329 | 116,986 | 103,621 |
| Gain on sale of property and equipment | (19,341) | — | — |
| Deferred income taxes | (5,807) | (28,912) | 23,233 |
| Change in current assets and liabilities, net of acquisitions of businesses: | |||
| Accounts receivable, net | (174,141) | (91,399) | (151,771) |
| Inventories, net | (33,947) | 95,766 | (35,658) |
| Uniforms and other rental items in service | (93,646) | (22,815) | (98,252) |
| Prepaid expenses and other current assets and capitalized contract costs | (180,840) | (143,441) | (153,941) |
| Accounts payable | 143,973 | 36,896 | 53,369 |
| Accrued compensation and related liabilities | 17,769 | (27,013) | 2,711 |
| Accrued liabilities and other | 92,397 | 97,750 | 41,314 |
| Income taxes, current | (15,305) | 6,220 | 34,248 |
| Net cash provided by operating activities | 2,165,905 | 2,068,500 | 1,586,228 |
| Cash flows from investing activities: | |||
| Capital expenditures | (408,884) | (409,469) | (331,109) |
| Purchases of investments | (7,196) | (7,546) | (4,566) |
| Proceeds from sale of property and equipment | 23,972 | — | — |
| Acquisitions of businesses, net of cash acquired | (232,899) | (186,837) | (46,357) |
| Other, net | 1,369 | 518 | 420 |
| Net cash used in investing activities | (623,638) | (603,334) | (381,612) |
| Cash flows from financing activities: | |||
| Payments of commercial paper, net | — | — | (261,200) |
| Proceeds from issuance of debt | 398,088 | — | — |
| Debt issuance costs | (1,165) | — | — |
| Repayment of debt | (450,000) | (13,450) | (50,000) |
| Proceeds from exercise of stock-based compensation awards | 896 | 1,370 | 3,021 |
| Dividends paid | (611,627) | (530,909) | (449,917) |
| Repurchase of common stock | (934,800) | (700,033) | (398,865) |
| Other, net | (20,403) | (4,484) | (9,791) |
| Net cash used in financing activities | (1,619,011) | (1,247,506) | (1,166,752) |
| Effect of exchange rate changes on cash and cash equivalents | (1,298) | 206 | (4,186) |
| Net (decrease) increase in cash and cash equivalents | (78,042) | 217,866 | 33,678 |
| Cash and cash equivalents at beginning of year | 342,015 | 124,149 | 90,471 |
| Cash and cash equivalents at end of year | $263,973 | $342,015 | $124,149 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.